Nigerian naira exchange rates

Nigerian naira exchange rates

At TransferWise, we use mid-market exchange rates from independent providers. Due to regulations, we can't use these providers to get exchange rates for transfers to Nigeria. Don't worry though, we've got your back and won't be making money off the exchange rate, same as for all our other currencies.

The Central Bank of Nigeria informs us of the rate we can sell NGN against the USD. At the moment, the USD-NGN rate is 355.00. 

If you want to convert another currency into NGN (such as GBP to NGN), then we calculate the exchange rate by using the GBP-USD mid-market rate at the time you create your transfer, and multiplying the GBP-USD rate by the USD-NGN rate.

As an example this would look like:

  • GBP-USD rate (as an example): 1.24
  • USD-NGN rate: 355.00
  • So, GBP-NGN rate - 1.24 x 355.00: 440.2

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